Breaking down the stocks ICONIQ bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from ICONIQ's 13F filed on May 15, 2026.
Who is ICONIQ Capital?
ICONIQ Capital is an elite Silicon Valley-based multi-family office founded in 2011 that manages wealth for prominent technology entrepreneurs and executives, including Mark Zuckerberg and Jack Dorsey. The firm has expanded from its roots as a wealth manager into a comprehensive investment platform spanning private equity, venture capital, real estate, and public markets. ICONIQ's strategy leverages its unique network to access high-quality investment opportunities across asset classes.
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Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SHOP | Shopify | 22.0% | $291.34B | |
| NTSK | Netskope | 16.5% | Trimmed (-61%) | $219.19B |
| NVDA | Nvidia | 14.4% | $191.02B | |
| ACWI | MSCI ACWI | 13.7% | $182.08B | |
| GOOGL | Alphabet | 13.5% | $178.52B | |
| AVGO | Broadcom | 10.0% | $132.1B | |
| TTAN | ServiceTitan | 7.1% | Trimmed (-87%) | $94.64B |
| PCOR | Procore Technologies | 1.3% | Trimmed (-98%) | $16.66B |
| CHYM | Chime Financial | 1.0% | Trimmed (-94%) | $13.55B |
| OWL | Blue Owl Capital | 0.6% | Trimmed (-97%) | $7.8B |
| Frontier Eco | 0.0% | Exited | $-2.19M | |
| GTLB | GitLab | 0.0% | Exited | $-36.2B |
| SPY | S&P 500 | 0.0% | Exited | $-4.86B |
| ORCL | Oracle | 0.0% | Exited | $-4.66M |
| QQQ | Invesco QQQ | 0.0% | Exited | $-4.61M |
| VIG | Dividend Appreciation | 0.0% | Exited | $-3.62M |
| DASH | DoorDash | 0.0% | Exited | $-2.61M |
| UBER | Uber | 0.0% | Exited | $-1.64M |
| SNOW | Snowflake | 0.0% | Exited | $-1.48M |
| HDV | High Dividend | 0.0% | Exited | $-1.41M |
| BABA | Alibaba | 0.0% | Exited | $-1.17M |
Current Investment Strategy
As of the first quarter of 2026, ICONIQ Capital's public equity portfolio reflects a high-conviction rotation into enterprise software and AI infrastructure, with top positions anchored by vertical SaaS leaders ServiceTitan and Procore Technologies alongside semiconductor and cloud bellwethers Nvidia, Broadcom, and Alphabet, while the firm simultaneously exited its remaining passive index exposure — including the S&P 500 ETF and Invesco QQQ — signaling a decisive move away from broad-market hedges. The Silicon Valley-based multi-family office, which manages wealth for prominent tech executives including Mark Zuckerberg, continues to concentrate its 13F holdings around category-defining technology and fintech names such as Netskope, Shopify, Blue Owl Capital, and Chime Financial, consistent with its broader thesis of deploying patient, network-driven capital into growth-stage technology leaders from IPO and beyond.
New Investments
ICONIQ did not open any new positions during Q1 2026.
Added, Trimmed, and Exited
Added
ICONIQ made no additions to any existing positions during Q1 2026.
Trimmed
ICONIQ dramatically reduced five positions: Netskope (NTSK) was cut by ~61% (from 66.3M to 25.8M shares), while Blue Owl Capital (OWL), Procore Technologies (PCOR), and Chime Financial (CHYM) were each slashed by 94–98%, and ServiceTitan (TTAN) was trimmed by ~87%.
What it means: The scale and pattern of these trims tells a clear story: ICONIQ is methodically harvesting gains from its early-stage and pre-IPO investments. The reported returns on these positions are staggering — Netskope (NTSK) at +18,758%, ServiceTitan (TTAN) at +7,609%, Chime Financial (CHYM) at +4,369%, and both Procore Technologies (PCOR) and Blue Owl Capital (OWL) in the +1,400–1,500% range. These are not routine portfolio rebalances — these look like a deliberate monetization cycle as portfolio companies have matured, gone public, or been marked up significantly. It is consistent with ICONIQ's model as a multi-family office that enters companies at early stages on behalf of its ultra-high-net-worth clients and distributes proceeds as liquidity events occur.
Exited
ICONIQ fully liquidated eleven positions in Q1 2026: individual stocks GitLab (GTLB), Oracle (ORCL), DoorDash (DASH), Uber (UBER), Snowflake (SNOW), and Alibaba (BABA); broad market and thematic ETFs S&P 500 (SPY), Invesco QQQ (QQQ), Dividend Appreciation (VIG), High Dividend (HDV), and Frontier Eco.
What it means: The exits span two distinct buckets that warrant separate reads. The liquidation of passive vehicles — S&P 500 (SPY), Invesco QQQ (QQQ), Dividend Appreciation (VIG), and High Dividend (HDV) — suggests ICONIQ is pulling back from broad, index-like public market exposure, possibly reallocating capital freed up from the trimmed private positions into more concentrated or private opportunities. The individual stock exits — growth names like Snowflake (SNOW), DoorDash (DASH), and Uber (UBER), alongside enterprise stalwart Oracle (ORCL) and developer-tools platform GitLab (GTLB) — look like a broader housecleaning of smaller, non-core public equity positions. The exit of Alibaba (BABA) removes the firm's remaining China exposure. Taken together, the exits reinforce a theme of simplification: ICONIQ appears to be concentrating its public portfolio around its highest-conviction names while winding down peripheral holdings.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
